FX:XAUUSD   Gold Spot / U.S. Dollar
$1200 has been an interesting area where price has fallen to over the last few months. Our EMAs have crossed over to the downside and this month may be closing above/blow the $1200 area. This could determine whether we reverse or continue to the downside - I favour downside.

As price reacts around the $1200 level, we have seen a bullish engulfing last week. This could be a simple resets before further downside moment. This week, we could fall shy of the blue EMA and close solidly below this zone

The daily EMAs are very close together - today we've seen a daily close as a bearish engulfing and close below the $1200 zone. Furthermore, Tuesday also produced a bearish engulfing after rejecting the $1214 daily zone.

On the H4 TF, we can see lower highs and lower lows overall. The $1214 region has been quite significant as it turned from critical support to critical resistance. Price has pulled back up from lows at $1160 into our preferred region - this is confluent with daily resistance as well as a 3-pin formation. We've broken the CTL line and EMA have a crossed to the downside.


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